November 24, 2024 12:42 pm
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NBA approves new owner of Phoenix Suns

Via matishbia Instagram

By Duane Rankin | AZ Central

The NBA announced Monday night its Board of Governors approved the sale of the Phoenix Suns to billionaire mortgage lender Mat Ishbia and his ownership group.

The deal is expected to close later this week, the statement said.

Ishbia also will become the majority owner of the WNBA’s Phoenix Mercury.

The board, comprised of NBA owners, voted 29-0 for approval, with Cleveland abstaining, sources inform The Republic.

The Suns are expected to have a press conference in Phoenix on Wednesday introducing Ishbia as the new majority owner of the Suns and Mercury. Ishbia is chairman, president and CEO of Michigan-based United Wholesale Mortgage, the leading mortgage lender in America.

On Dec. 20, 2022, Ishbia agreed with majority owner Robert Sarver to acquire the Suns and Mercury for a record $4 billion.

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